U.A.E. Concerned That Oil Glut May Curb Exploration, Production

The collapse in oil prices may deter investment in exploration and production projects predicated on $100 crude, United Arab Emirates’ Energy Minister Suhail Al Mazrouei said. “What worries us is that some investors will not continue to invest,” Al Mazrouei told reporters today in Abu Dhabi. “Not us, others, are not going to continue to invest. And in a few years, we’re going to face difficulties finding enough investments in the market.” Oil has fallen into a bear market this year on increased output of U.S. shale and other supplies. The Organization of Petroleum Exporting Countries, including the U.A.E., will meet Nov. 27 to assess the market and production. Saudi Arabia and Kuwait have resisted calls for the group to cut output, while Libya, Venezuela and Ecuador have asked for action to keep prices from falling lower. Brent crude has tumbled 29 percent since June 19. “This isn’t the […]